The invention provides a novel thermal contraction film slitting device of a swing structure. The slitting device comprises a rolling shaft, constant speed rollers, positioning rollers, a power roller, a detection roller, a CCD sensor, an enabling roller, a rolling-out roller, an unrolling and deviation rectification execution mechanism and a swing device. The rolling shaft, the constant speed rollers, the positioning roller (4), the power roller, the detection roller, the CCD sensor, the enabling roller, the rolling-out roller and the unrolling and deviation rectification execution mechanism are connected in sequence; the swing device comprises a driving system, a sleeve, a breather pipe, a cutting knife arm, slitting knife blades, a cutting knife arm fixing track and a cylinder, the slitting knife blades are fixed on the cutting knife arm which moves on the cutting knife arm fixing track, one end of the cutting knife arm fixing track is in sliding contact with the driving system of the swing device, and the other end of the cutting knife arm fixing track is connected with the cylinder; the driving system comprises a frequency converter, the frequency converter controls a servo motor and is combined with an eccentric wheel through a driving shaft, and when the eccentric wheel rotates, the cutting knife arm fixing track (14) making contact with the eccentric wheel does reciprocating motion because of changes of the rotation radius; a thermal contraction film penetrates through the slitting knife blades and is slit between the positioning rollers.